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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of components of income tax benefit (provision)

		Year Ended December 31,
		2017			2016			2015
		(In thousands)
Income Tax Benefit (Provision):
Federal		$	57,547		$	45,518		$	46,598
State			(2,479	)		7,268			10,642
Foreign			2,448			1,124			—
Income Tax Rate Change			(99,528	)		—			—
Expiration of Net Operating Losses and Research & Development Tax Credits			—			—			(155	)
​	​	​	​	​	​	​	​	​	​	​
			(42,012	)		53,910			57,085
Deferred Tax Valuation Allowance			66,294			(53,910	)		(57,085	)
​	​	​	​	​	​	​	​	​	​	​
		$	24,282		$	—		$	—
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of reconciliation between the amount of reported income tax and the amount computed using the U.S. Statutory rate

		2017			2016			2015
		(In thousands)
Pre-Tax Loss		$	(117,313	)	$	(128,530	)	$	(127,197	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Loss at Statutory Rates			(39,887	)		(43,700	)		(43,247	)
Difference in Foreign Tax Rates			326			150			—
Research and Development Credits			(2,847	)		(5,203	)		(4,935	)
State Taxes			(6,283	)		(7,268	)		(10,642	)
Income Tax Rate Change			99,528			—			—
Other			(321	)		2,111			1,584
Recognition of APIC NOLs			(5,729	)		—			—
Impact of Pass-through Entities			(2,775	)		—			—
Expiration of Net Operating Losses and Research & Development Tax Credits			—			—			155
Change in Valuation Allowance			(66,294	)		53,910			57,085
​	​	​	​	​	​	​	​	​	​	​
Income Tax (Benefit) Provision		$	(24,282	)	$	—		$	—
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of principal components of the deferred tax assets and liabilities

		December 31, 2017			December 31, 2016
		(In thousands)
Gross Deferred Tax Assets
Net Operating Loss Carryforwards		$	146,228		$	174,555
Foreign Net Operating Loss Carryforwards			3,572			1,124
Tax Credit Carryforwards			36,458			32,306
Deferred Research and Development Expenses			79,272			109,520
Stock-based Compensation			10,718			12,362
Fixed Assets			1,305			1,526
Deferred Revenue			686			1,418
Accrued Expenses and Other			316			894
​	​	​	​	​	​	​	​
			278,555			333,705
Gross Deferred Tax Liabilities
Other Acquired Intangibles			(1,792	)		(2,868	)
IPR&D Intangibles			(15,992	)		(28,054	)
​	​	​	​	​	​	​	​
Total Deferred Tax Assets and Liabilities			260,771			302,783
​	​	​	​	​	​	​	​
Valuation Allowance			(264,543	)		(330,837	)
​	​	​	​	​	​	​	​
Net Deferred Tax Liability		$	(3,772	)	$	(28,054	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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